LoanSimple: Credit Line for Everyone

Binoti & her husband Lakhwinder came to the country’s capital from Assam with their heads full of dreams about leading a comfortable and prosperous life. But as hard as reality strikes Binoti had to start working as a household help and Lakhwinder started cycling long distances in order to make ends meet. After having a kid after a few years of marriage, these long, strenuous and obviously dissatisfying job ordeals became unsustainable. Binoti, during her employment got a chance to get a hands-on on salon work. An avid learner, she grasped the nitty-gritties so quickly that she was flown to Dubai to set up a branch there. Already a pro at the game, when she returned, all she garnered was a dream to set-up her salon and lead the life she always wanted to have. Duly supporting her in her efforts, she and her husband began to look out for credit.

Both House & businesses on rent didn't stop Binoti from expanding her business

Stopped in their tracks, they were taken aback when their own bank refused to extend credit despite having a current account for three years because they did not own neither the business premises nor the residence. “Our business has long gestation periods with prolonged credit cycles, so paying hefty EMIs at the end of the month was not an option for us. LoanSimple came as a friend’s suggestion who also enlightened us on the flexible repayment mechanism of theirs” adds Binoti. “I was absolutely startled to see door step service on our business premises and our residential and business premises not being an issue” says Lakhwinder. “On the face of it I was a little apprehensive as all the conventional credit providers had shut door on us. But there actually was a way that was so transparent, and we would have never explored it hadn’t it been for our friend.”, he adds. The couple employ 8 people today and are eagerly awaiting their 3rd Top-up as they plan to expand their business in a different part of the town with more footfall.